PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Staffing Source Personnel Inc, Dearborn, MI

ALERT: There are 2 PPP loans for a total of $4.84M in our database for businesses with the name "Staffing Source Personnel Inc" in Dearborn, MI. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Staffing Source Personnel Inc
MI

Staffing Source Personnel Inc

Entity: Corporation

Industry: Temporary Help Services

Location: Dearborn, MI

Search All PPP Data

Staffing Source Personnel Inc is a corporation located at 15340 Michigan Ave in Dearborn, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.

The company has reported itself as a male owned business, and employed at least 269 people during the applicable loan loan period.

$ PPP Loan Information
Loan #3025758308

Loan Size:

$2M

Jobs Retained:

269

Loan Approved:

2021-01-21

Loan Status:

Ongoing Loan

Lender:

Fifth Third Bank

Staffing Source Personnel Inc in Dearborn, MI received a Paycheck Protection Loan of $2M through Fifth Third Bank, which was approved in January, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Staffing Source Personnel Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 269 jobs retained, this equals an estimated average yearly compensation of $35,688 per employee1

Reported PPP Proceed Usage:

On the PPP application, Staffing Source Personnel Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,998
  • Utilities: $1
Because the loan received by Staffing Source Personnel Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Staffing Source Personnel Inc in Dearborn, MI

Staffing Source Personnel Inc
15340 Michigan Ave
Dearborn, MI 48126

Business Industry:
Temporary Help Services
NAICS code 561320

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Wayne County, MI — SBA Office 0515 — Congressional District: MI-12

Similar Companies near Dearborn

In the Dearborn area, 4 businesses in the "Temporary Help Services" industry received a PPP loan. These local businesses reported an average of 165 employees (compared to this company's 269) and received an average PPP loan of $1,284,874 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 7,340 businesses in the "Temporary Help Services" industry received a total of $3.53B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.

PPP recipients in this industry report an average of 59 employees, 78% lower than Staffing Source Personnel Inc's reported 269 employees, and received an average PPP loan of $480,357, 76% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Staffing Source Personnel, Inc
MI

Staffing Source Personnel, Inc

Entity: Corporation

Industry: Temporary Help Services

Location: Dearborn, MI

Search All PPP Data

Staffing Source Personnel, Inc is a corporation located at 15340 Michigan Ave in Dearborn, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,841,938.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 358 people during the applicable loan loan period.

$ PPP Loan Information
Loan #7772537100

Loan Size:

$2.84M

Jobs Retained:

358

Loan Approved:

2020-04-14

Loan Status:

Ongoing Loan

Lender:

Fifth Third Bank

Staffing Source Personnel, Inc in Dearborn, MI received a Paycheck Protection Loan of $2.84M through Fifth Third Bank, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Staffing Source Personnel, Inc's 2019 payroll expenses are estimated to be at least $13.64M.

Based on their reported 358 jobs retained, this equals an estimated average yearly compensation of $38,104 per employee1

Reported PPP Proceed Usage:

On the PPP application, Staffing Source Personnel, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,841,938
Because the loan received by Staffing Source Personnel, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Staffing Source Personnel, Inc in Dearborn, MI

Staffing Source Personnel, Inc
15340 Michigan Ave
Dearborn, MI 48126

Business Industry:
Temporary Help Services
NAICS code 561320

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Wayne County, MI — SBA Office 0515 — Congressional District: MI-12

Similar Companies near Dearborn

In the Dearborn area, 4 businesses in the "Temporary Help Services" industry received a PPP loan. These local businesses reported an average of 165 employees (compared to this company's 358) and received an average PPP loan of $1,284,874 (compared to this company's $2.84M).

Industry PPP Comparison Statistics

Nationwide, 7,340 businesses in the "Temporary Help Services" industry received a total of $3.53B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.

PPP recipients in this industry report an average of 59 employees, 84% lower than Staffing Source Personnel, Inc's reported 358 employees, and received an average PPP loan of $480,357, 83% lower than this company's loan of $2.84M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/staffing-source-personnel-inc-dearborn-mi